The Wiley Oakley Co. has just gone public. Under a firm commitment agreement, the company received $21.45 for each of the 6.63 million shares sold. The initial offering price was $23.30 per share, and the stock rose to $29.81 per share in the first few minutes of trading. The company paid $913,000 in legal and other direct costs and $188,000 in indirect costs.
What was the flotation cost as a percentage of funds raised? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Flotation cost percentage %